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Tuesday, December 6, 2011

Good news for Rockford, Roscoe, Rockton, South Beloit Real Estate

ROCKFORD (WIFR) -- There is improvement in local housing sales numbers--while not dramatic, any increase is good. For the Rockford area it could be at the start of a growing real estate market.
Investor Joe Sartino said, "They were asking $26,900 for the house. Just five years ago the house was worth over twice that amount. So it was a great buy, we didn't have to that much to it, and it turned out very nice."
As a real estate investor, Sartino flips foreclosed homes: some to sell, and some to rent.
RAR CEO Steve Bois said, "We see investors coming out now: that really says that the market is really ripe for buyers right now."
November sales increased 19% compared to November of last year.
Bois said, "We're seeing some recovery trends in the marketplace. Our inventory has gone down, which is a good thing, and it's at about the '07 level. So we're really seeing some positive trends going forward."
Bois says this is the sixth straight month the Winnebago County and Boone County real estate market has seen an increase in the number of homes sold.
Realtor Carol Rosenquist said, "I have a lot more people right now buying for themselves, you know, they're taking advantage of the great buys that are out there."
Even if people aren't looking to buy, they're at least looking to rent.
Sartino said, "A lot of people are now starting to look at houses to rent because they may not have a down payment for their house yet, so they're going to try to save a little money before they go and buy something."
Bois said, "Real estate's like the weather: it's local. So all in all, the trends are positive going forward, but it's a gradual situation."
It’s an improving sales situation which local realtors expected to continue throughout 2012.
While the Rockford Area housing market is looking up, Illinois is fifth in the nation in the number of foreclosures so far this year.

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